HaberkipWith construction costs reaching new highs, contractors are scrambling for solutions as their customers balk at increasing prices

Rising Price of Materials Means Increasing Building Costs

With construction costs reaching new highs, contractors are scrambling for solutions as their customers balk at increasing prices

With construction costs reaching new highs, contractors are scrambling for solutions as their customers balk at increasing prices. As a result of the rising costs, some new projects have even been put on hold or left unfinished.

The rising costs of building are attributed to a combination of factors including rising tariffs on building materials, the actual cost of materials, and on a labor shortage of skilled workers. Additionally, there is a psychological element to the rising costs. The looming uncertaintyabout the extent to which prices will spike are sometimes used as leverage by sales representatives to convince customers to place orders at the current price, which in turn drives the prices up even further. These increasing costs come at the same time that there is an increased demand for new construction projects across the country.

One way both contractors, and by extension their clients, can get more bang for their buck is by using new technologies available in the industry. The most innovative materials and solutions allow contractors and their clients to save money in the long run by doing more with less.

Fortunately, there is no shortage of technological advances in the construction industry. Big data analytics via sensors help contractors draw more accurate conclusions from data; virtual and augmented reality help to more efficiently plan and track projects; 3D-printers and laser scanners allow for more precise measurements and prototypes; while robots and driverless construction vehicles help to automate and optimize tasks.

An example of new technology being put to use is in the TruGrit carbide grit wheel, which is not only much more effective and time saving than the traditional steel carbide grit wheels, but also more cost effective.

This and other new technologies have an additional benefit other than helping to lower costs for builders and their customers. Technology that meets stringent EPA standards greatly contributes towards reducing the environmental footprint of construction projects. From decreased emissions to greener materials to more efficient use of energy and water, technology can bring about more efficient results with less waste and damage to the environment.